Bundy
Development Closes
$2.2 Million Bank of America Commitment
Small
Business Journal, "Networking Scene"
Fall 2000
Pamela
Bundy, President & CEO of the Bundy Development Corporation
realized a lifelong dream recently when she closed a $2.2 million
financial commitment from the Bank of America to assist her three
year old development company pass the last hurdle in confirming
the necessary financial and building permits to complete a 13
unit condominium project.
A
former Operations Manager for the Southland Corporation &
Pepsi Co., Ms Bundy credits her patience and willingness to seek
advise from a variety of mentors, industry specialists, financial
advisors and the Howard SBDC for helping her achieve this break
through project.
Her
original 1997 business plan called for the purchase, renovation
and sale of 8 to 10 units per year. After two years of successfully
meeting that goal, Bundy Development was ready to grow from a
home-based operation with no employees to a full-fledged development
company.
Seeking
out the assistance of the Howard SBDC as a result of a personal
referral, Ms Bundy patiently worked with SBDC counselors to refine
her plans and financial projections. As the sole owner and shareholder
of Bundy Development, she credits the SBDC with "being there
at several important transitional stages" where critical
decisions had to be made.
Her
second stage business plan included an excellent analysis of the
booming residential housing market and contained the critical
strategic plan to transform the development company from a focus
on multiple small-scale single-family projects to larger multi-family
projects.
Through
a series of refinements and referrals to industry resources for
training and technical advise of selecting her professional team,
Ms Bundy was able to refine her management strategy to maximize
the utilization of independent contractors and professional service
providers in project management, marketing, and project engineering.
She was also able to identify and retain her first full time employee
and commercial office location near her Logan Circle project site,
while keeping her overhead and financial projections under control.
The
upscale residential development wrapping the corner of 13th and
"0" Streets just south of Logan Circle is appropriately
called "The Castle on Logan Circle" because of its classic
turn-of-century gothic architecture and panoramic view of the
rapidly redeveloped circle area Presently nine of the 13 units
under development have already been pre-sold. Her next project,
the Bundy Palace, a 20-unit combination of lofts and condos is
already underway.
The
architectural and planning services are being provided by Eric
Colbert & Associates; the real estate sales and marketing
by Thtt, Taylor & Rankin, Real Estate LLC; and the general
contractor and builder is Malin Construction, Inc.
The
luxury condominium project is offering a mix of one and two bedroom
two-story units from the $170,000s to the $330,000s depending
on location and amenities. For details, contact the marketing
agent at (202) 234-3344 or visit Bundy Development's web site
at www.bundydevelopment.com.
